No one likes to fall for a scam, especially when it involves money. Yet such scams still go on regardless because the conmen keep learning new tricks. It is no different when it comes to the online retail Forex market. In an industry with a daily transaction of $5.1 trillion, that number could not fail to attract these conmen. Indeed, the fraudsters have filled the industry to a point where legislators are calling for tighter regulation. While that may help to reduce the Forex scams, your safest option is to learn how to spot them yourself. Is GMOTRading one of such companies to avoid? Is the GMOTrading scam that has been in action for a few years? Read our review and you will find out!
Clues from the GMOTrading website review
Being an online-based business, most of the information should be obtained from their website, and GMOTrading is not failing at this. If you’re asking, is GMOTrading a scam? Then this is something you have to keep in mind. The best Forex brokers provide all the necessary information a potential client may need before signing up, and GMOTrading does exactly that! They do provide is a license number to show that they are regulated by CySEC and all the other information that you may need.
They offer trading instruments in currency pairs, cryptocurrencies, stocks, metals and other CFDs. There was no list of these instruments on their website since it is just too bing to include on the website or in our GMOTrading review. The easiest way to find all of them out is by opening a demo account. The additional important factor to consider about the broker is its spreads. A look at the spreads shows that they are pretty narrow, especially on major currency pairs.
Forex brokers are not allowed to solicit clients from the US without a license from the NFA, which GMOTrading does not have, and this is why they do not offer their services to the US residents. Usually, it is the biggest clue that helps to state that GMOTrading scam claims are not true at all.
Is GMOTrading legit?
The answer to this question is a resounding yes as there is nothing about them that will tell you otherwise. Some of the GMOTrading reviews seem to be not so positive, but we are sure that they are legit and those reviews were written by people who had nothing in common with Forex trading. We can recommend you to sign up with GMOTrading!